The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, has issued an EUR 6.9 million (US$7.6 million) guarantee for the development of the 60 MW solar projects in Senegal.
The guarantee is issued in complement with the loan from the International Finance Corporation (IFC). Meridiam and Engie will back the construction, interconnection, operation and maintenance of two solar parks - 25 MW Kael plant near Touba and the 35 MW Kahone plant that will be installed near the city of Kahone. The issued guarantee provides protection for up to 15 years and covers non-commercial risks.
The two solar projects are part of the World Bank’s Scaling Solar programme, which supports grid-tied solar PV power in emerging markets. Once operational, the solar parks will sell electricity to state-owned utility Senelec under a 25-year power purchase agreement (PPA). Engie Senegal will operate and maintain the facilities for 25 years.
